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Mortgage Pre-Approval 101

The housing market is coming back, and in some places its coming back fast! Here in Austin we have some of the fastest growing markets. We’re talking about some houses almost doubling in value over just the last five years. The market is getting so intense that some houses will have offers within hours of listing. No viewing, and without even seeing pictures. If you’re in a fast-paced housing area like me, or just looking to buy a house anywhere – a pre-approved mortgage can give you the head start you need.

A mortgage pre-approval is a note from a lender stating that you would qualify for a certain loan amount. House hunters like my brother take note: there are four key reasons to get a pre-approved mortgage. You will know your borrowing limits, prove to sellers your status as a credible buyer, help avoid lending surprising down the road and lastly you’ll speed up the buying process (if pre-approval is required). Like I said before, cities like Austin have houses selling extreamly fast and every day counts before the contract is signed. Do your research, get pre-approved and be ready for your dream home. [Zillow]